June 18, 2024

Mark Zuckerberg: “Facebook may exit Libra if regulators do not approve the project”

At yesterday's speech before the Financial Services Committee of the US House of Representatives, MarkZuckerberg said Facebook could exit the Libra consortium if regulators do not approve the project.

“If I feel that Facebook cannot bepart of the project, then Facebook will not be part of it, ”said Zuckerberg, noting that the social network may withdraw from the Libra Association if the project does not receive the approval of US regulators.

Facebook founder stressed that the AssociationLibra is an independent organization that develops initiatives in the field of blockchain, so it can certainly continue its work without Facebook.

Zuckerberg said that the project was faced withby counteraction to regulators around the world and he does not know whether Libra will work. At the same time, the main goal of the project is not to create a new currency, but to launch a payment system.

Lawmakers reminded Zuckerberg of pastFacebook's sins in protecting user data and misinforming regulators. However, according to Zuckerberg, Facebook has no plans to launch anonymous wallets.

Facebook CEO stressed thatCalibra wallet will require user identification and comply with all regulatory requirements in the area of ​​combating money laundering and terrorist financing.

It recently became known that the Libra project maymove away from launching its own stablecoin pegged to a basket of assets and use various third-party stablecoins pegged to fiat currencies.